Mortgage Selector

Mortgage Selector Calculator

Calculator developed by
Harry Jensen
, Trusted Mortgage Expert with 45+ Years of Experience
Edited by Michael Jensen

Our Mortgage Selector Calculator uses your financial profile, personal objectives and risk appetite to help assess the loan amount and mortgage program that are right for you. This calculator shows you which program -- fixed rate, adjustable rate or interest only loan -- best meets your goals and how your loan amount and monthly payment vary by program. Our Mortgage Selector Calculator also provides information relevant to specific borrower profiles including first-time home buyers or military personnel. We encourage you to review the outputs to find resources on loan programs and other mortgage topics to help you select the loan this is right for you.


The type of mortgage your looking to obtain
Please Select Mortgage Type
What Size Mortgage Can I Afford?
Your monthly net income after deductions, also known as take-home pay. Debt is the total of all monthly payments for non-housing related debt such as credit card and auto loans
Please enter monthly income
Please enter monthly debt payments
What Size Down Payment?
(select one)
The amount of money, as a percentage of the purchase price or as a dollar amount, you are contributing to purchasing the property
Please select or enter down payment
Please select LTV Ratio
Borrower Priortities / Risk Profile
(select one)
Select the risk profile that applies to you
Payment Never Changes
Lower Monthly Payment
Payment Can Increase
Lowest Monthly Payment
Highest Mortgage Amount
Payment Can Increase the Most
Please select borrower priorities / Risk Profile
Borrower Profiles
(select all that apply)
Select the borrower profiles that apply to you
Please select borrower profile
Borrower Info
Please Select Credit Score
Please Enter Your First & Last Name
Please Enter a Valid First Name
Please Enter a Valid Last Name
Please Enter Your Phone Number
Please Enter a Valid Phone
Please Enter Your Email
Please Enter a Valid Email
By clicking the button above, you agree to allow FREEandCLEAR to connect you with lenders or other third parties and that FREEandCLEAR and other parties may contact you at the email address and phone number you provided, even if your number appears on a Do Not Call Registry or List. Your consent is not a condition to work with a lender or to qualify for a mortgage. Please review our Privacy Policy for more information. NMLS: 357085


1Estimated Mortgage Amount for Which You Qualify ($)
2What is My Down Payment / Loan-to-Value Ratio?
3How Much Home Can I Afford?
4What Mortgage Program is Right for Me?
5How Much is My Mortgage Payment?
6How Much is My Total Monthly Housing Expense?
7What is My Interest Rate?
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Current Mortgage Rates in Ashburn, Virginia as of April 24, 2024
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Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes or insurance premiums. Actual payments will be greater with taxes and insurance included. Read through our lender table disclaimer for more information on rates and product details.
While we pride ourselves on the quality and breadth of the FREEandCLEAR mortgage calculators please note that they should be used for informational purposes only. Our calculators rely on assumptions by us and inputs and assumptions provided by you, which may be inaccurate. The outputs from our calculators are estimates only and should not be used as the sole basis for making any financial decisions. Always consult multiple financial professionals when determining the mortgage size and program that is appropriate for you.

How Our Mortgage Selector Calculator Works

Our Mortgage Selector Calculator matches you with the loan program that best meets your financial objectives and provides additional information about the mortgage, home and monthly payment you can afford.  Our Calculator uses the following inputs:

Monthly Net Income.  This is your income after deductions such as taxes, social security and medicare, also known as your take home pay.

Monthly Debt Payments.  This figure includes payments for credit cards as well as car, student and personal loans but excludes your current housing expense such as your rent or mortgage payment. Please input your monthly debt payment and not your current loan balance. For example if you pay $380 per month on a personal loan with a $6,000 balance, you include $380 in the monthly debt payments field.

Down Payment.  This is the amount of the property purchase you contribute from your own funds. You can select either percentage of the purchase price or the amount of funds you have save for a down payment.

Risk Profile.  This represents your risk appetite ranging from low, to moderate, to high. With our Mortgage Selector Calculator risk appetite is assessed based on potential changes in your mortgage payment.

Borrower Profile. Certain mortgage programs are available to first-time home buyers and military personnel. Learn more about the programs that are applicable to you based on your borrower profile.

Based on the information you input, our Mortgage Selector Calculator provides the following key outputs:

What Mortgage Program is Right for You.  Our Calculator matches you with the program that best meets your financial priorities as well as your risk profile. Fixed rate mortgages are selected for borrowers with a low risk tolerance and interest only loans are selected for borrowers with a higher appetite for risk.  Adjustable rate mortgages (ARMs) are applicable to borrowers in between who have more moderate risk profiles.

Loan-to-Value (LTV) Ratio.  LTV ratio is your loan amount divided by the fair market value of the property being financed.  Your LTV ratio is important to know because lenders use it to determine your maximum mortgage amount and most loan programs apply an LTV ratio limit.

Interest Rate. Mortgage rates vary by loan program with fixed rate loans having higher rates than ARMs. Our calculator shows you the current interest rate based on the selected loan program.

Mortgage Payment.  Your monthly payment is calculated based on your loan program, mortgage amount and interest rate. Our calculator enables you to understand how changes in your program and other factors impact your payment.

Total Monthly Housing Expense.  Your monthly housing expense includes your mortgage payment plus property tax, insurance and other applicable expenses so you know the true monthly cost of owning a home.

Key Mortgage Selection Tips


Understand Your Risk Appetite

Understanding your risk appetite is key to selecting the mortgage program that is right for you.  More risk averse borrowers usually prefer the certainty and peace of mind of a fixed rate mortgage.  Borrowers with a higher tolerance for risk may be more comfortable with an adjustable rate mortgage (ARM) or interest only mortgage.  Borrowers should understand the advantages and disadvantages of each mortgage program to select the mortgage that best meets their financial objectives and risk profile.  Our Mortgage Selector calculator provides a recommended loan program based on your risk profile.


Compare Multiple Mortgage Proposals

Just like with any other major purchase, you should shop your mortgage business to find the loan with the best terms.  Contacting multiple lenders takes more time but can save you thousands of dollars. For example, on a $300,000 mortgage, lowering your interest rate by .125% saves you almost $8,000 in interest expense over the life of your loan.  FREEandCLEAR recommends that you contact at least four lenders to find the mortgage with the lowest interest rate and fees.  Please note that borrowers should not pay any fees to receive mortgage proposals from lenders.


Make Sure Your Lender is Experienced

When you shop for a mortgage make sure you do your diligence before selecting a lender.  Ask the lender questions about your specific situation and mortgage and gain an understanding of the lender's experience.  The more questions you ask upfront the fewer surprises you will have over the course of the mortgage process.  Additionally, if you are using a low or no down payment program such as the HomeReady, FHA or VA mortgage programs make sure the lender has extensive experience with the unique requirements for those loan programs.  Finally, developing a solid working relationship with your loan officer can be highly beneficial, especially if you encounter challenges with your loan.


Avoid Common Mortgage Mistakes

Avoiding some common mistakes should help you end up with the mortgage that is right for you.  Most important, make sure you can afford your mortgage.  In many cases borrowers are enticed by a larger mortgage amount but end up not being able to afford the monthly payment.  It is important to remember that just because a lender says you can afford a certain mortgage does not mean it is the right loan amount for you.  Borrowers should consider total monthly housing expense, including property tax and homeowners insurance, in determining how much mortgage they can afford.  Also, the payment for an adjustable rate mortgage (ARM) or interest only mortgage is subject to increase over the course of the loan.  Borrowers can avoid payment shock by fully understanding how their mortgage payment can change in the future.  Use our Mortgage Selector Calculator to determine how your monthly payment, loan amount and mortgage rate change depending on the mortgage program. 


Shop Different Types of Lenders

One of the best ways to make sure that you select the mortgage that best meets your needs is to contact different types of lenders.  Large national banks, regional and local banks, mortgage banks, mortgage brokers and credit unions all offer something different when you shop for a mortgage.  Each lender has strengths and weaknesses so comparing quotes from different lenders can expand your financing options.  For example, a mortgage broker may have access to loan programs that are not offered by a national bank while a credit union may offer attractive terms.  In short, when it comes to mortgage selection, the more lenders and different types of lenders you compare, the better.   

More FREEandCLEAR Mortgage Resources

Mortgage Guides

What Mortgage Program is Right for Me?

Review the pros and cons of fixed rate, adjustable rate and interest only mortgages to determine the mortgage program that is right for you


How to Compare Mortgage Proposals

Review our step-by-step explanation of how to compare mortgage proposals including how to contact lenders and the key mortgage terms you should compare

Interest Rates

Mortgage Rates

Compare mortgage rates and fees from top lenders near you.  Comparing proposals from multiple lenders is the best way to find the mortgage that is right for you

Ask a Mortgage Expert

Ask a Mortgage Expert

Got mortgage questions? We love answering them. Submit your mortgage questions and receive an informative response within 24 hours


Comparison of No and Low Down Payment Mortgage Programs

Compare over 20 low down payment programs include eligibility guidelines, qualification requirements and other important program features


"Finding the Right Loan." My Home by Freddie Mac. Freddie Mac, 2019. Web.

About the calculator developer

Harry Jensen, Mortgage Expert

Harry is the co-founder of FREEandCLEAR. He is a mortgage expert with over 45 years of industry experience. Over his career, Harry has closed thousands of loans for satisfied borrowers and now offers his advice and insights on FREEandCLEAR.  Harry is a licensed mortgage professional (NMLS #236752). More about Harry

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